Don canvasses use of Chinese currency to benchmark Nigeria's budget

Date: 2021-01-12

Prof. Gafar Ijaiya, the Director of the Ilorin Business School (IBS), University of Ilorin, has advocated the use of the Chinese currency, Yuan, to benchmark Nigeria's budget.

Ijaiya, who made the call on Monday while speaking with newsmen in Ilorin, explained that, "China now seems to be our major trading partner; at the levels of government and individuals.

"More than 80 per cent of goods you see in the market today are made in China. So if that's the country that forms the bulk of our import, why continue to benchmark our budget using the American dollar?.

"This is the reason for the high cost of goods and services in the country.

According to him, if it were to be the Yuan in use, these goods will not be as expensive as they are.

He said that Nigeria is more of a consumer nation that no longer produces unlike in the '70s and '80s when the country had over 30, 000 industries with over 200 in Kwara State alone.

Ijaiya added that at that time, the exchange rate was about 60 kobo per dollar because Nigeria was producing.

The expert in Economics explained that there is a lot of pressure on the dollar and also on the government not to jettison the dollar, so people go for the dollar at every point in time to get goods.

He, however, opined that the dollar should be bypassed because even China does not accept the dollar during transactions, but in order to achieve this, the country needs the political will.

Ijaiya highlighted the various benchmarks or parameters used to prepare the national budget, which include the price of oil, the daily production of oil, which is about 1.86 million barrels per day.

Others, he explained were the exchange rate of N379 to the dollar as well as the parameter projecting that Gross Domestic Product (GDP) by three per cent and the inflation rate being projected at 11.95 per cent.

"These parameters have always been reoccurring and are becoming obsolete, therefore, the need to look further and extend them," he said.

Ijaiya therefore, recommended the exploitation of the solid mineral sector such as 'Tantalite' used in building the silencers of aircrafts, bullet-proof cars, bullet-proof vests.

Source

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Maryam A. Garuba     Ado Bayero     General Hospital     Abdulahi Abubakar Bata     Radio Kwara     Balogun-Ojomu     Gbemi Saraki     Olaiya Zuberu     Aliyu Muyideen     Curfew     Gurei     Niyi Osundare     Emir Of Kano     Abdulbaqi Jimoh     State Bureau Of Internal Revenue     Monkey Pox     Olaosebikan     Idris Garba     Monthly Sanitation Exercise     Www.Kwarareports.com     Kunbi Titiloye     Ahmad Lawan     Henry Makinwa     Ajayi Okasanmi     Aisha Ahman Pategi     Igbomina     Funmilayo Oniwa     Muyiwa Oladipo Kanu     Oasis Muslim Care Foundation     Lanre Olosunde     Offorjama     Salihu Ajibola Ajia     Clara Nwachukwu     Saad Omo Iya     Medview Airlines     Gbajabiamila     Gwanara     Oke-Ero     Share-Tsaragi     KWIRS     Rotimi Atere     Kwara Restoration Project     Isiaka Danmeromu     Clement Yomi Adeboye     Surajudeen Akanbi     Abdulsalam A. Yusuf     Ilofa     Gbugbu     Kulende     Lanre Issa-Onilu     Oke-Ogun     Abdulrazak Shehu Akorede     Micheal Imoudu     Dar-Al-Handasah Consultants     Modibbo Kawu     Fola Consultant     Rashidi Yekini     Dauda Adeniran Adeshola     Sulyman Abdulkareem     Erubu Oba Zubair     Olatunde Olukoya     Yahaya Jibril Usman     Modupe Oluwole     Fulani     AbdulGaniyu Kareem     Millennium Development Goals     Bayo Onimago     Abdulfatah Ahmed     Quran     Hameed Oladipupo Ali     Aminu Ado Bayero     Aishat Sulu-Gambari     Mohammed Haruna     Suleiman Yahya Alapansapa     Durosinlohun Atiku     Garba Ado Sanni     Kwara Muslim Pilgrims Welfare Board    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Oyeyemi Olasumbo Florence     Salman Alada     Hassan A. Saliu     Sunday Fagbemi     Senate President     Sola Saraki University     Yakubu Dogara     Clara Nwachukwu     Niguel Gallando Marcias     Oke-opin     Ayodele Kuburat Olaosebikan     Yusuf Amuda Abubakar     AbdulRauf Keji     Isiaka Danmeromu     Photo News     Salihu Ajia     Iliasu     Balogun Ajikobi     Share     Salmon Babatunde Salmon     Tsado Manman     Nnazua     Kwara Metro Park     Abubakar B.M     Dar-Al-Handasah Consultants     Lanre Issa Onilu     Maryam A. Garuba     Ganmo     Adebayo Salami     Fareedah Dankaka     Gabriel Fashanu     Maigida Soludero Transit     Ajibike Katibi     Umar Ahmed Gunu     Ile Arugbo     Wahab Agbaje     Shonga     CUTI     Sulyman Atolagbe Alege     Mahfouz Adedimeji     Press Release     Salami Adekunle     Students Union Government     Sabi     Igbaja     AbdulRasaq Abdulmajeed Alaro     Veterinary Teaching Hospital     Yahaya Jibril Usman     College Of Health     Oju Ekun Sarumi     Amuda Aluko     IFK     Computer Based Test     Gbenga Olawepo     Funke Adedoyin     Olomu Of Omu-Aran     Baba-Isale     Abdulfatai Salman Baakini     NSCIA     Ahmed Saidu Rufai     Ajidagba     Leke Ogungbe     Bashirat Bola Bello     Alimi Abdulrazaq     Olatunji Ayeni     David Adesina     Musa Ayinla Yeketi     High Court     Ezekiel Yissa Benjamin     Sebastine Obasi     Bayo Onimago     Borgu     Volunteers Of Ilorin Community And The Emirate     KWATMA     S.O. Opowoye     Ramadan     Aasiyat Bello Oyedepo